Report Code: A07700 | Pages: NA | Jul 2023 | 2279 Views | ||
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Request Now !Stainless steel is an alloy made up of iron with 10.5% chromium. In addition, it consists of a varying amount of carbon, silicon, nickel, manganese, and molybdenum. These elements are added to enhance the properties of stainless steel such as formability and corrosion resistance. They are hard, strong, and slightly brittle but can be hardened by heating. The key property of stainless steel provides corrosion resistance by forming a very thin layer of chromium oxide on the surface of the steel.
The unique properties of stainless steel such as high ductility, high toughness, and low maintenance lead to high demand for the product. The stainless steel consists of chromium which has a premium function. Increase in rate in new construction is driving the growth of the market. Furthermore, it is used in valves, pistons, cutlery, and compressor parts of machines in the food industry. Furthermore, construction of swimming pools and hot water tanks structures boosts the demand for stainless steel. The anticipated demand for stainless steel will lead to significant growth of the global market during the forecast period. However, increase in usage of its alternative such as carbon fibers can hampers the growth of the stainless steel market. As carbon fibers are more lightweight and have high load-bearing capacities, they reduce the weight of transport vehicles more than 30%, thus increasing the demand for stainless steel.Â
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Stainless Steel Market: Global Opportunity Analysis and Industry Forecast, 2020–2027 Report Highlights
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Key Market Players | Nippon Steel Corporation, Acerinox S.A., Baosteel Group, POSCO, Jindal Stainless, Outokumpu, Aperam Stainless, Arcleor Mittal, Thysssenkrupp Stainless GmbH, Yieh United Steel Corp |
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